Fiscal system-Indian economy

1. A tax which is paid by the person on whom the tax is incident is called a :

local tax

indirect tax

direct tax

rate

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2. The standard of living in a country is represented by its :

national income

per capita income

poverty ratio

unemployment rate

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3. Which is the best measure of economic growth of a country?

GNP

GDP

Net revenue

None of the above

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4. Which of the following expenses do not require the sanction of Parliament?I. Salary and allowances of the President and CAGII. Debt charges of the GovernmentIII. Defence expenditureIV. Maintenance expenditure of embassies.

I, II, III, IV

I, II, III, IV

I, II

II, IV

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5. Once the demands for grants and expenditure of different departments are passed by the Parliament, a bill to draw money from consolidated Fund India for these purposes is introduced. The bill is called :

finance bill

money bill

appropriation bill

credit budget bill

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6. Grants or advances made by the House to enable the government to carry on until the voting of the demands for grants and passing of the General Appropriation Bill is called :

vote on account

complementary budget

supplementary budget

contingency budget

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7. Consider the following statements :(A) In India since independence the share of the primary sector has been declining while the shares of the secondary and territory sectors have been increasing(B) This trend shows that Indian economy is passing through the transition from an agricultural to an industrial economyWhile one of the following is correct?

both A and B are correct

both A and B are wrong

A is correct, B is wrong

A is wrong, B is correct

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8. Which of the following is the basis for determining the national income?

Total revenue of the State

Net profit earned and expenditure incurred by the State

Production of goods and services

All of the above

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9. Which of the following is not a method of estimating national income?

Income method

Value-added method

Expenditure method

Export-import method

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10. Which of the following are referred to as the developed economies?

Countries earning huge industrial profits

Countries proficient in trade and export

Countries having large per capita income

Countries advanced in technology

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11. The budget is presented to the Parliament o :

the firlst day of February

15th March

the last day of March

1st April

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12. Which State in India has the highest average per capita annual earnings of factory workers?

Maharashtra

Madhya Pradesh

West Bengal

Tamil Nadu

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13. The system of Budget was introduced in India during the viceroyalty of :

Canning

Dalhousie

Ripon

Elgin

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14. Temporary tax levied to obtain additional revenue is called :

cess

rate

fee

surcharge

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15. The basic attribute of a formal organization is :

esteem and prestige

roles and duties

dominance and supremacy

rules and regulations

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16. If the price of an inferior good falls, its demand :

rises

falls

remains constant

can be any of the above

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17. The existence of a Parallel Economy or Black Money :

makes the economy more competitive

makes the monetary policies less effective

ensures a better distribution of income and wealth

ensures increasing productive investment

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18. Why has the general budget till recently always been presented at 5 o' clock in the evening ?

All countries present their budgets at this time

So that there is no time for traders to manipulate the prices

It is a convention of official secrecy

It is a carry-over from times of British rule when the Budget could be discussed<br/>in the British Parliament simultaneously

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19. The per capita income has been low in India because :

of population growth

of price rise

more people are in rural areas

of regional imbalances

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20. Which among the following formulates fiscal policy ?

RBI

Finance Ministry

SEBI

Planning Commission

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21. 'Balanced Growth' means :

growth which brings about a balance between the rich and the poor

growth which brings about a balance between the public and the private sectors

growth which brings about a balance between the traditional and modern sector

growth pattern on which simultaneous investments are made in all the sector<br/> of the economy, viz., agriculture, industry, transport, communication, etc.

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22. Dear Money Policy implies :

high price level

large money supply

high production

high interest rates

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23. Railway Budget in India was separated from general budget in :

1924-25

1941-42

1947-48

1950-51

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24. One of the problems in calculating the national income in India correctly is :

under-employment

inflation

non-monetised consumption

low savings

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25. In the short run, a producer continues his production as long as he covers :